NEW YORK ( TheStreet) -- Shares of biotech company Biodel ( BIOD) were topping the small-cap space on Thursday, jumping 27% to $2.49.

Biodel, a development stage biopharmaceutical company is focused on the diabetes market. The company will be presenting an update at the J.P.Morgan Heatlhcare Conference at 9:30 a.m PST. The update will include information about the development of new follow-on formulations of its lead product, Linjeta including milestones and timelines, according to its press release.

Nearly 5 million shares were changing hands on Thursday afternoon against an average trading volume of 900,000.

Wave Systems ( WAVX) was also riding on heavy volumes, soaring 14% to $5.03. Over 4 million shares were changing hands on Thursday. The Obama Administration is working on a cybersecurity ID program that would allow users to log onto different sites without having to remember different passwords for each one. That has led to a pop in the shares of Wave Systems, which offers software that enables hardware encryption and the ability to do away with multiple passwords

Canada's EXFO ( EXFO), which provides services for the telecommunications industry, was soaring after it reported higher-than-expected profits .

The company earned $14.1 million, or 23 cents a share, for the three months ended Nov. 30 with total sales rising almost 50% year-over-year to $67.6 million. EXFO's outlook called for earnings of 17 to 21 cents a share and sales ranging from $61 million to $66 million. Earnings growth was helped by the sale of the Life Sciences and Industrial Division for $23 million in cash.

EXFO forecast earnings of 3 to 7 cents a share and sales of between $70 million and $75 million. Shares were gaining 21% to $9.14 on volume of over 2 million on Thursday's trading, much higher than its average trading volume of 28,000.

Other stocks rising on higher volumes include TTM Technologies ( TTMI), Peregrine Pharmaceuticals ( PPHM) and China Media Express ( CCME).

Among the losers, SemiLEDS ( LEDS) was shedding about a third of its value Thursday after it issued a weak revenue outlook for the next quarter. The LED market player went public in December and has risen 25% since its IPO.

Shares of Canadian communications equipment maker DragonWave ( DRWI) tumbled 16% to $8.75 after it reported a loss for the latest quarter and forecast a steeper sequential drop on the topline.

-- Written by Shanthi Bharatwaj in New York

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